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something called the fiscal cliff, which i know you have been watching. you're very closely aligned with president obama having been the chair of the democratic national convention in september. i want to get your take on this. this is critical to your state. businesses in your state. taxpayers in your state. do you have any optimism that we may not go off the cliff? >> i do have optimism. there's no question about it. i think both sides understand that it's not in the nation's best interest for us to go off this cliff. people are tired of the partisanship. they want both sides to work together. they want them to do so in a balanced way. i agreed to join the stirring committee to fix the debt coalition and i have because the balance is that we have to make spending cuts. we have to address entitlements but we also have to make sure that we have the revenues that we need to make the investments that we need. education. infrastructure. transportation. research and development. workers training. all of those things are important things that we have to do. we
something called the fiscal cliff, which i know you have been watching. you're very closely aligned with president obama having been the chair of the democratic national convention in september. i want to get your take on this. this is critical to your state. businesses in your state. taxpayers in your state. do you have any optimism that we may not go off the cliff? >> i do have optimism. there's no question about it. i think both sides understand that it's not in the nation's best...
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cliff. what the president does not want to talk about. plus senator jim demint is here to tell you why he is leighing the senate. this is "special report." this is "special report." ♪ ♪ good evening >> good evening. i'm bret baier. much of the public debate focuses on taxes. democrat want to raise them on high earners. republicans don't. but there is another part of the equation that gets less attention. that is spending cuts. chief white house correspondent ed henry looks in to that tonight. >> reporter: pulling on the heart strings as if he were back on the campaign trail, president obama visited middle class family in virginia. >> a couple of thousand dollars means a couple months' rent for this family. >> once again, he was trying to frame the battle oaf the fiscal cliff as being all about taxes. with no mention of spending cuts. >> i'm not going to sign any package that somehow prevents the top rates from going up for folks at the top 2%. but i do remain optimistic that we can get s
cliff. what the president does not want to talk about. plus senator jim demint is here to tell you why he is leighing the senate. this is "special report." this is "special report." ♪ ♪ good evening >> good evening. i'm bret baier. much of the public debate focuses on taxes. democrat want to raise them on high earners. republicans don't. but there is another part of the equation that gets less attention. that is spending cuts. chief white house correspondent ed...
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the fiscal cliff was meant to be something nobody wanted to go another and here we are about to go off it. we really need our elected officials to figure this out and come up with a reasonable compromise that keeps our economy growing and gives us certainty about the future so that we can make our plans as business leaders. >> welcome back to the special edition of the "closing bell." dupont stock on the move. 1.5% higher in the after-hours trading session coming on the heels of the news that the chemical giant will issue a $1 billion buyback program and updating its 2012 guidance to the top of the range. chairman and ceo ellen coleman joins me now in a cnbc exclusive. thanks for joining us. >> great to see you as well. >> let me start with the announcement on the share buyback. all we talk about is the idea that taxes are probably going to go higher. you've got dividend taxes probably going to go higher in 2013 as well as capital gains taxes. what motivated a buyback versus a -- a larger dividend or a special dividend as we've been hearing from so many companies today trying to get ah
the fiscal cliff was meant to be something nobody wanted to go another and here we are about to go off it. we really need our elected officials to figure this out and come up with a reasonable compromise that keeps our economy growing and gives us certainty about the future so that we can make our plans as business leaders. >> welcome back to the special edition of the "closing bell." dupont stock on the move. 1.5% higher in the after-hours trading session coming on the heels of...
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either go over the cliff or come up with something with real solutions. >> rich peterson, let me get your take on earnings in 2013. we know the expectations on the economy if we go over the fiscal cliff, that the economy will see a contraction of a couple of percentage points. where are you on earnings for 2013, what are your expectations? >> maria, look at the s&p numbers, looking for a slow single digit percentage gains. for this period of the fourth quarter looking for gains in telecommunications and financials. i think the critical part, investors ought to be very keen just to weigh in the risk, you know, and the fact they had a very rewarding year in 2012, we were up about 12% on the s&p 500. earnings will be very much held captive by the fact that the uncertainty not only about the fiscal cliff but debt ceiling. >> very quickly, john, we're lose altitude in this market rapidly. what do you make of this, and what are you expecting to close here? >> just shows you how fragile our markets r.one comment out of washington can take profits off the table intraday. we'll hold on to our
either go over the cliff or come up with something with real solutions. >> rich peterson, let me get your take on earnings in 2013. we know the expectations on the economy if we go over the fiscal cliff, that the economy will see a contraction of a couple of percentage points. where are you on earnings for 2013, what are your expectations? >> maria, look at the s&p numbers, looking for a slow single digit percentage gains. for this period of the fourth quarter looking for gains...
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of our minds here, the fiscal cliff. and i would be remiss if i didn't ask you both to weigh in on it. but in the following way, number one, what's going on that we don't understand? number two, what should happen? number three, what's the r.s.c. going to do to help us get to that better state of what should happen? either one of you wants to chime in on that one? >> first of all, you know, if you look at where we are right now, it's because of a number of reasons. jim touched on a few of them, going back to the debt ceiling deal. i did not vote for the budget control act. to me it didn't address the real problem and that's spending. if you look at the debate right now, it's mostly about the debate of how much faxes we need to raise. the president keeps adding more to it because he has an insatiablet appetite to add more. we are not addressing the real problem. i don't think anybody's taxes need to go up. you look at what barack obama said three years ago. if you raise taxes in a bad economy it will make things worse. we
of our minds here, the fiscal cliff. and i would be remiss if i didn't ask you both to weigh in on it. but in the following way, number one, what's going on that we don't understand? number two, what should happen? number three, what's the r.s.c. going to do to help us get to that better state of what should happen? either one of you wants to chime in on that one? >> first of all, you know, if you look at where we are right now, it's because of a number of reasons. jim touched on a few of...
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has to give in this fiscal cliff play the states have to contribute something to the to the you know to the party so you think that if if this tax exempt status of interest is curbed to an extent it's not going to impact borrowing costs for cities or states dramatically because the demand is so high for newbies it's going to be impacted but you see assessments they range from like ten basis points to you know one hundred basis points and you know it's a function of where interest rates are at the time and stuff the point is there's massive demand in fact many investors are cut out from being in this market just because you know most of the bonds are flowing up to the top income brackets just the way j.p. i'm for example j.p. morgan massive underwriter a lot of those bonds go into their own clients accounts so you know if you're not a client you're less likely to get the bonds. or the others in the end ratings and ok and just quickly before we go why have there been such demand for muni's lately because people want to shelter their income from dex is. there yamit very avid all right w
has to give in this fiscal cliff play the states have to contribute something to the to the you know to the party so you think that if if this tax exempt status of interest is curbed to an extent it's not going to impact borrowing costs for cities or states dramatically because the demand is so high for newbies it's going to be impacted but you see assessments they range from like ten basis points to you know one hundred basis points and you know it's a function of where interest rates are at...
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>> well, this whole fiscal cliff melodrama is a bit artificial because congress created this deadline for itself and doesn't seem able to fix. but these groups have a serious message and they're asking congress to something very difficult so using a alan simpson gangnam style video and tweeting certain groups, there was a treat about the impact the automatic tax hike would have on latino families, these are ways in which these groups are trying to hone their message so they can get people mobilized, put pressure on the white house or the congress or both to act here. >> and the campaign is called the millennial campaign. >> woodruff: so it's engaging people who wouldn't be part of these kinds of debates. very interesting. we had another big important user on twit they are week. someone already who already has 1.2 billion followers before he ever joined twitter and that's the pope who is out there. he sent his first tweet today. "dear friend, i am pleased to get in touch with you through twitter, talk for your generous response. i bless all of you from my heart." he's now tweeted seven
>> well, this whole fiscal cliff melodrama is a bit artificial because congress created this deadline for itself and doesn't seem able to fix. but these groups have a serious message and they're asking congress to something very difficult so using a alan simpson gangnam style video and tweeting certain groups, there was a treat about the impact the automatic tax hike would have on latino families, these are ways in which these groups are trying to hone their message so they can get people...
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. >> dana: i have something also about the fiscal cliff. something you haven't heard about is rural america is under threat from a major raise in taxes. death and state taxes. throw up the map. senator from wyoming put this out. 526,421 family farms threatened by the new death tax. mostly because assets are tied up in land. you're land rich and cash poor. this hurts a lot of people. >> greg: this plays in the old phrase buying the farm. >> dana: it plays in something i want to tease for friday, which is i am -- i got to buy the farm. get it. think we haven't heard that. >> bob: promote something? >> dana: on friday, tomorrow i'm going to vegas and i'm going to the national rodeo -- the national finals rodeo sponsored by wrangler. i went last year and i got to interview the rodeo queen. the new rodeo queen this year and talk to a few other people and chance to go to the rodeo and see my family. >> eric: that's nice. >> dana: that's it? "that's nice." >> kimberly: it sundays fun. you know how to ride a horse. >> bob: ride a bull. >> dana: we
. >> dana: i have something also about the fiscal cliff. something you haven't heard about is rural america is under threat from a major raise in taxes. death and state taxes. throw up the map. senator from wyoming put this out. 526,421 family farms threatened by the new death tax. mostly because assets are tied up in land. you're land rich and cash poor. this hurts a lot of people. >> greg: this plays in the old phrase buying the farm. >> dana: it plays in something i want to...
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i think we are coming up again at the end of the year, people looking at the fiscal cliff situation and everyday we get something different coming out of washington today, disagreement. tomorrow it could be sounds like talks are progressing. we can see things slip around staying in this broad range across a series of markets and i think he will continue to see that until yo they get some kinf definitive answer and direction out of d.c. we will go from economic standpoint and getting money to work in the most efficient way. liz: good to see you gentlemen, thank you very much. never gets boring around here on fox business lackluster retail sales from the fed announcement yesterday turning on the stick is beginning next month painted the market red leaving me wondering if high investors, the smart money might be changing their investment strategy. we thought we would bring in, millions of dollars, they want to see the money grow. joining us in a fox business exclusive. you seem like a very measured person, that is why you have a lot of wealthy clients because you must do well for them. aft
i think we are coming up again at the end of the year, people looking at the fiscal cliff situation and everyday we get something different coming out of washington today, disagreement. tomorrow it could be sounds like talks are progressing. we can see things slip around staying in this broad range across a series of markets and i think he will continue to see that until yo they get some kinf definitive answer and direction out of d.c. we will go from economic standpoint and getting money to...
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. >> this could be another negotiating chip in the fiscal cliff. harry reid's threat. it could be something to try to get more tax increases out of the republicans. megyn: interesting. this is a huge deal back in '06. you haven't heard as much about it now that the shoe is on the other foot. the democrats find themselves in the minority they play rue the day harry reid pushed this through. new questions how to tell if someone is too high to drive. now that marijuana is legal for recreational use in two states, authorities are trying to figure out what the legal limit should be for getting behind the wheel after you toke up. this is why. video of a crash that look the lives of four teenagers. prosecutors say the 17-year-old driver was high on marijuana when he got behind the wheel. it happened on long island in october. the driver took a curb at 110 miles an hour. crossed three lanes of traffic and skidded into trees, one of whicher to the car in half. he survived but his friend did not. the new marijuana law weren't into effect in the state. people can smoke for recrea
. >> this could be another negotiating chip in the fiscal cliff. harry reid's threat. it could be something to try to get more tax increases out of the republicans. megyn: interesting. this is a huge deal back in '06. you haven't heard as much about it now that the shoe is on the other foot. the democrats find themselves in the minority they play rue the day harry reid pushed this through. new questions how to tell if someone is too high to drive. now that marijuana is legal for...
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. >> caller: yes i keep hearing that we are going off the fiscal cliff. as a 65-year-old texan, i don't understand why they want to cut programs from last when they're sending money to countries that don't do nothing for us. if i can live on 800 something dollars a month, getting $9 increasing in january. but these people in washington are getting hundreds and hundreds of dollars. why not take a cut in pay? why not put giving these countries all that money then we can budget what we are going to spend. >> host: that's the type of call that we get a lot. cut their salaries. >> guest: yes, we do hear this question a lot. and i think what you need to understand is that the amount of money that we spend on foreign aid is tiny. we could eliminate it entirely and would only make the slightest in this problem. just a tiny dent, not really enough. similarly, we could totally eliminate any reasons for federal workers and even cut their pay and again the effect would be tiny. so this is fun to talk about but it doesn't solve the problem because it is just a drop in
. >> caller: yes i keep hearing that we are going off the fiscal cliff. as a 65-year-old texan, i don't understand why they want to cut programs from last when they're sending money to countries that don't do nothing for us. if i can live on 800 something dollars a month, getting $9 increasing in january. but these people in washington are getting hundreds and hundreds of dollars. why not take a cut in pay? why not put giving these countries all that money then we can budget what we are...
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all right, do you think we are headed off the fiscal cliff? let us know. give us an e-mail at gerri@foxbussiness.com. >> coming up on "the willis report", tax dollars have bailed out these workers. we have the shocking findings of a new report coming up next. also, for those fed up with apple's disaster mapping system, google maps is back in business for your iphone. details coming up later. also, they say no news is good news. but this you will definitely want to hear. new evidence of obamacare doing more harm than good to your bottom-line. we will have the latest and we are on the case next in "the willis report." speed. tracy: fannie mae and anyone sparking outrage over six-figure salaries. many executives are raking in serious money. these agencies have accrued $138 billion in taxpayer funding. they still owe us $137 billion of that. for more on this, let's bring in rich edson. a former executive vice president. he is now president and fellow -- excuse me, resident fellow at the american enterprise institute. these salaries are really bothering a lot o
all right, do you think we are headed off the fiscal cliff? let us know. give us an e-mail at gerri@foxbussiness.com. >> coming up on "the willis report", tax dollars have bailed out these workers. we have the shocking findings of a new report coming up next. also, for those fed up with apple's disaster mapping system, google maps is back in business for your iphone. details coming up later. also, they say no news is good news. but this you will definitely want to hear. new...
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. >> once you get to the fiscal cliff there is a clear innovation agenda. and the conditions we will have as a result of the fiscal cliffs did get out that. the first one will be immigration. we agreed and a lot of people say how are we going to compete with china and we can have the entire world at our disposal. under which the best people in the world can come to the u.s. and start businesses. >> then we have to focus on a special in the corporate tax reform to get the system which is simpler and promotes efficiency and these are for american businesses. then we have to and that will -- efficiency will be enormous. the next is an infrastructure investment to be made. in the context of the budget deal we are getting where we will spend less going forward. we have to think about what our values are and the most important things we can spend money are on infrastructure to make investments in the future rather than have short-term spending. and twin that with support for research, basic research and higher education and for education. if government does that
. >> once you get to the fiscal cliff there is a clear innovation agenda. and the conditions we will have as a result of the fiscal cliffs did get out that. the first one will be immigration. we agreed and a lot of people say how are we going to compete with china and we can have the entire world at our disposal. under which the best people in the world can come to the u.s. and start businesses. >> then we have to focus on a special in the corporate tax reform to get the system...
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i do think getting over the fiscal cliff, the deal getting closer to balance the budget is still very important. i do hope because of the discussion that tax reform is something that is taken seriously for this year. i think that is well overdue. there is not time to do it before december 31. it will give businesses a lot of assurances that the government is paying attention to what they are saying. >> you should tell barack obama to find a jim baker. >> think about each time we have reached a crisis point in our anntry there's been institutional response to tit. we created a central bank. that has proved to be enormous for the past five years and important for years before that. post-world war ii, we create a system and the department of homeland security. i wonder if there's not an institutional -- >> some did not work as well as others. >> that is exactly right. it reflects our values and the focus of the government'. we should have a department of homeland prosperity. we need somebody other than the aboutent to think american competitiveness. something we've taken for granted beca
i do think getting over the fiscal cliff, the deal getting closer to balance the budget is still very important. i do hope because of the discussion that tax reform is something that is taken seriously for this year. i think that is well overdue. there is not time to do it before december 31. it will give businesses a lot of assurances that the government is paying attention to what they are saying. >> you should tell barack obama to find a jim baker. >> think about each time we...
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and on the right the road on the right is the fiscal cliff. really that the is choice if we don't do something about it we are going to go anyway. do you run over the kids with the car or do you take the other road which is not a good one but better than running over your kids fiscal cliff. it's a hard choice. >> but if we don't do it, if we don't go over the fiscal cliff the democrats will never cut a dime in spending. >> why would the democrats want change? if the bush tax cuts are going to expire they are saying this is great because this means the rich are going to pay more money, we are going to have more money to spend. they are already spending a the lo. they are saying why would we want change? this is great we have more money to spend. >> nancy pelosi saying why aren't we voting on middle class tax cuts? get to the other stuff. put this up for a vote: listen to nancy pelosi. we are not here to pass the middle income tax cut why are we here to not deat a time the middle income tax cut. could it be that the republicans are holding the m
and on the right the road on the right is the fiscal cliff. really that the is choice if we don't do something about it we are going to go anyway. do you run over the kids with the car or do you take the other road which is not a good one but better than running over your kids fiscal cliff. it's a hard choice. >> but if we don't do it, if we don't go over the fiscal cliff the democrats will never cut a dime in spending. >> why would the democrats want change? if the bush tax cuts...
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congress scurrying around still trying to get something going on the fiscal cliff. and the latest poll shows that 2/3 of americans including a majority of democrats republicans and independents all say that congressional leaders meaning republicans should compromise so we can avoid going over the fiscal cliff. that means republicans must give up their insistence that the bush tax cuts continue for the wealthiest of americans because it ain't gonna happen. the president's not going to sign the bill and the american people don't want to give them a continued tax break. they think they ought to pay more. so let's just get it done and then go home and celebrate the holidays. hey, good to have you with us. we'll talk about all of that and get all of latest including what's happening out in the state of michigan. but first, we take time out for today's current news update. lisa ferguson's got it out in los angeles. hi, lisa. good morning. >> hey bill. good morning everyone. americans are calling for a major overhaul of the republican party. especially when it comes to the
congress scurrying around still trying to get something going on the fiscal cliff. and the latest poll shows that 2/3 of americans including a majority of democrats republicans and independents all say that congressional leaders meaning republicans should compromise so we can avoid going over the fiscal cliff. that means republicans must give up their insistence that the bush tax cuts continue for the wealthiest of americans because it ain't gonna happen. the president's not going to sign the...
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whether it's the fiscal cliff, the fed meeting. what are the proceed right now? >> we've got bob from s&p capital iq. steven wood and gordon shallop. great to have you all on the show. you normally get the priority of speaking first. what are you doing right now? >> right now we're anticipating for volatility. we knew it was going to be a volatile fourth quarter. there's a lot of policy induced volatility. that said, the economy in the united states has not changed that much. it's grinding along. that recovery we've been talking about for a long time. so it's measurably positive, not robustly positive. that's kind of doing battle with just about offsetting some of the policy risk. >> the fear is all that changes if we go over the cliff. >> it would. right now the forecast is there's some compromise. there's a short-term compromise. they buy time. and they use that to get the silhouette of a grand bargain. if they use the time well, the markets could like that. if we do go off the cliff, that's 8% of gdp. >> what's your expectation, bob? >> we put out a research s
whether it's the fiscal cliff, the fed meeting. what are the proceed right now? >> we've got bob from s&p capital iq. steven wood and gordon shallop. great to have you all on the show. you normally get the priority of speaking first. what are you doing right now? >> right now we're anticipating for volatility. we knew it was going to be a volatile fourth quarter. there's a lot of policy induced volatility. that said, the economy in the united states has not changed that much....
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cliff negotiations, with particular attention to social security. we spoke to an associated press reporter. host: our series on the fiscal cliff continues this morning with a dive into social security. here to talk about the program and how it is involved in the discussions, the negotiations over america's financial future, is stephen ohlemacher, joining us from the associated press, where he is a reporter. how much social security do people get? guest: a little more than 66 million people. the average benefit is a little over $12,000 -- a little over $1,200 a month. maybe $13,000 a year or so. host: we are talking about retirees and the disabled. guest: a fairly wide group of people receive social security benefits. retired workers, spouses, children, disabled workers, widows, widowers. a big safety net of people. host: retirees receive about $1,200 a month on average. the benefits for the disabled, $1,100 a month on average. how does social security get financed? guest: it has been a self-funded program since its inception. it is funded by payroll
cliff negotiations, with particular attention to social security. we spoke to an associated press reporter. host: our series on the fiscal cliff continues this morning with a dive into social security. here to talk about the program and how it is involved in the discussions, the negotiations over america's financial future, is stephen ohlemacher, joining us from the associated press, where he is a reporter. how much social security do people get? guest: a little more than 66 million people. the...
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waiting for news on the fiscal cliff and what ben bernanke if he have anything to say about the fiscal cliff after two-day meeting by federal reserve. they are also watching for bond action. i want to touch on something you were saying. mcdonald's, a a contributor to the dow strength. these are contributing, very moderate strength. we are seeing strength and materials, healthcare industrials, that where mcdonald's trades, they are lower today. one of the reasons we were talking about same store sales and mcdonald's being stronger, that is a boost to its stock. but we have seen a pull back, most notably the gap before pressure. disappointed and a number of retailers did. that number is a mixed as we head toward thursday. the retailers on the retail sales figures for the month of november. quickly, touch on one deal today. honeywell making acquisition of intermac. $10 a share. honeywell, it wasn't unexpected. started taking a leg down on that. brian back to you. >> mary, thank you. >>> part of what is giving the market move today along with renewed confidence perhaps. in the chinese econ
waiting for news on the fiscal cliff and what ben bernanke if he have anything to say about the fiscal cliff after two-day meeting by federal reserve. they are also watching for bond action. i want to touch on something you were saying. mcdonald's, a a contributor to the dow strength. these are contributing, very moderate strength. we are seeing strength and materials, healthcare industrials, that where mcdonald's trades, they are lower today. one of the reasons we were talking about same store...
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. >> christin, something else on the fiscal cliff. a drop in confidence and zero u.s. economic growth with no agreement on this fiscal cliff and indeed a ripple effect in the eurozone and elsewhere. do you think the politicians understand the kind of seriousness of the game that they're playing at the moment? >> i think they do and a good sign is notice in the last day or two, you haven't been hearing as much come out of either members of congress or the white house. president obama right now is i think on the road in detroit. gave a speech today about the economy. but you're seeing a little bit less of the sort of back and fort we saw a weeking a with tim geithner putting out a plan and republicans releasing a letter publicly. i think negotiations of this kind best if they're happening without a lot of the public political posturing. i think that's the direction you have seen things go in the last few days so i'm hoping that's a good sign for things and taken seriously. >> i hope you're right. it is childish, i think. finally for you, gary. this ongoing battle blowing
. >> christin, something else on the fiscal cliff. a drop in confidence and zero u.s. economic growth with no agreement on this fiscal cliff and indeed a ripple effect in the eurozone and elsewhere. do you think the politicians understand the kind of seriousness of the game that they're playing at the moment? >> i think they do and a good sign is notice in the last day or two, you haven't been hearing as much come out of either members of congress or the white house. president obama...
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fundamentals are this, the fiscal cliff does not look like it is going to be resolved. if it is resolved, it only takes care of a small part of the deficit. gold is something that you will always own. this one out piece, when you have it in your hand, that is worth $1700. dennis: wow. >> the only thing is, you cannot use it to buy a twinkie. it is not common courtesy. dennis: thank you. cheryl: we have the ceo of one small business looking to hone in on industries come back. dennis: apple maps back on track. first, take a look at apple treasuries. ♪ and we can save you 10% on ground shipping over the ups store. look this isn't my first christmas. these deals all seem great at the time... but later... [ shirt ] merry christmas, everybody! not so much. ho ho ho! this isn't that kind of deal. [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. >> i am tracing parents with your fox business brief. mortgage rates fell again last week. the average rate is now 3.3%. foreclosure filings climbed to the lowest level in six years. according
fundamentals are this, the fiscal cliff does not look like it is going to be resolved. if it is resolved, it only takes care of a small part of the deficit. gold is something that you will always own. this one out piece, when you have it in your hand, that is worth $1700. dennis: wow. >> the only thing is, you cannot use it to buy a twinkie. it is not common courtesy. dennis: thank you. cheryl: we have the ceo of one small business looking to hone in on industries come back. dennis: apple...
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ashley: let's get back to the details, our next guest says it would go over the fiscal cliff at the end of the year, we are in for a big stock market. i like that. chief investment officer joins us now. thanks, hitting the market actually believes we will come to a deal. >> absolutely. you get this sense it doesn't really wants to sell off even with all this uncertainty with both sides going back and forth, are we talking, are we not talking. the market seems to be creeping higher, seems to be seen through what is traditional political rhetoric and grandstanding and recognizing a deal will be done. ashley: it is one thing to get a deal, one other thing to get a bad one. even though we did not follow the cliff, we are stuck with a lot of bad decisions. >> even in a bad deal, tracy, one thing we can say is certainty will replace uncertainty. that is a big headwind for this economy. all of this uncertainty throughout the second half of this year, all of 2012 will be replaced with certainty and that should unleash pent-up demand when we see it in the construction, in capital spending, housi
ashley: let's get back to the details, our next guest says it would go over the fiscal cliff at the end of the year, we are in for a big stock market. i like that. chief investment officer joins us now. thanks, hitting the market actually believes we will come to a deal. >> absolutely. you get this sense it doesn't really wants to sell off even with all this uncertainty with both sides going back and forth, are we talking, are we not talking. the market seems to be creeping higher, seems...
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Dec 6, 2012
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>> steve: one of the young people when did respond said fiscal cliff, that sounds like something i probably studied in school. no. this is new. this is something that they've just fresh baked up for us. >> brian: this generation made it up! >> gretchen: they'll be paying for it. >> steve: for a long, long time. our children and children's children, consider the amount of dent this president has run up. this could be good news. the president of the united states did speak with speaker boehner yesterday on the phone. we know nothing about the call except they talked on the phone. we do know that the last offer, the counteroffer was made by the republicans. they're waiting for the white house. the white house at the same time says come on, we don't have another counteroffer because your last offer was a stinker. you, republicans, need to come up with a new one. >> gretchen: the thing is, they're playing hard ball right now. the white house has sent out tim geithner, the treasury secretary, instead of the president actually, to lead the negotiations and when he was asked yesterday in an intervi
>> steve: one of the young people when did respond said fiscal cliff, that sounds like something i probably studied in school. no. this is new. this is something that they've just fresh baked up for us. >> brian: this generation made it up! >> gretchen: they'll be paying for it. >> steve: for a long, long time. our children and children's children, consider the amount of dent this president has run up. this could be good news. the president of the united states did speak...
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>> look, the fiscal cliff, if we go over, is going to affect municipals in a significant way. they're going to face that loss of funding and spending cuts, so -- i think that's going to be an issue regardless. i don't see, right now, that people are investing in municipals because of fiscal cliff issues. they are investing with the idea that taxes are going up, though it's likely that there will be some modification of the tax exemption. >> alexandra, going to leave it there. thank you for coming by. >>> coming up next, how america's role in the global energy market could be in for a big makeover. we make sure you're ready for us. >>> plus, what you need to know and breaking down what's at stake. stick around. [ male announcer ] feeling like a shadow of your former self? c'mon, michael! get in the game! [ male announcer ] don't have the hops for hoops with your buddies? lost your appetite for romance? and your mood is on its way down. you might not just be getting older. you might have a treatable condition called low testosterone or low t. millions of men, forty-five or older
>> look, the fiscal cliff, if we go over, is going to affect municipals in a significant way. they're going to face that loss of funding and spending cuts, so -- i think that's going to be an issue regardless. i don't see, right now, that people are investing in municipals because of fiscal cliff issues. they are investing with the idea that taxes are going up, though it's likely that there will be some modification of the tax exemption. >> alexandra, going to leave it there. thank...
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. >> some say it's not the end of the world if we go over the fiscal cliff but some say it could thrust us back into recession. what do you think will happen? >> i don't think there's a cliff in the sense that all of a sudden tomorrow something dramatic happens. i think stock markets sometimes react quickly, but for the most part, whether it's going to be a recession or not is a much more long, drawn-out process. but i would say that it's not a good idea to raise anyone taxes and that the marketplace does not differentiate whether you take the money from rich people, poor people or middle class. the marketplace says if you are going to take $800 billion, are you taking it out of the private sector, the productive sector, and are you going to give it to the nonproductive sector in washington? basically the sector of people who are always messing up things in the marketplace? are you going to do that? if you are going to do that, it's a bad idea no matter whether it's rich people, middle class or poor. doesn't matter. if you take money out of the private sector, it's a bad idea. >> well,
. >> some say it's not the end of the world if we go over the fiscal cliff but some say it could thrust us back into recession. what do you think will happen? >> i don't think there's a cliff in the sense that all of a sudden tomorrow something dramatic happens. i think stock markets sometimes react quickly, but for the most part, whether it's going to be a recession or not is a much more long, drawn-out process. but i would say that it's not a good idea to raise anyone taxes and...
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Dec 10, 2012
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the cliff is something we are approaching now and we can see where it is. we know will hit the cliff. the avalanche is different. the only thing you know about avalanches, you know when the conditions are present. you know when the snowpack has built up to the point where it could happen. you do not know when it is going to happen, you just know it is coming. once it hits you, the avalanche becomes completely impossible to control. do you agree with this characterization about the avalanche? could you elaborate about that kind of threat? >> would you mind if i steal that from you? i will give you credit. i think it is right. i do think -- that is why what you're doing now is so important. this is a once in a generation opportunity for you to nail these things down. we're not that far apart. i really do not think we are. if you are able to put us on a credible path to fiscal sustainability, do it in a balanced way, i think we are golden. i think we will avoid that avalanche. if we do not do that, ultimately, it means we will never do it until we're forced by
the cliff is something we are approaching now and we can see where it is. we know will hit the cliff. the avalanche is different. the only thing you know about avalanches, you know when the conditions are present. you know when the snowpack has built up to the point where it could happen. you do not know when it is going to happen, you just know it is coming. once it hits you, the avalanche becomes completely impossible to control. do you agree with this characterization about the avalanche?...
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Dec 7, 2012
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cliff negotiations that. is something that the republicans have to deal with. and i think the republicans and making sure that the debt ceiling is extended for a long time because the one thing that could hurt the economy even more than going off some curb or cliff or slope is if we had a rep tilgs of the debt ceiling battle that we had in 2011. >> so in your view right now, you think that we're past -- potentially past the tax reform question? it's about not the stimulus money but the debt ceiling negotiation and it's important because many communities are not impacted by private sector job growth and need the public sector jobs that the stimulus would bring. >> yes. i think that, you know, you can't declare something done until it's done. but i think all of the signals you're getting from the republicans is that they realize that the last thing they need to be doing right now is to look like they are holding up middle class tax cuts to protect tax cuts for the very wealthy. that's not where they want to be
cliff negotiations that. is something that the republicans have to deal with. and i think the republicans and making sure that the debt ceiling is extended for a long time because the one thing that could hurt the economy even more than going off some curb or cliff or slope is if we had a rep tilgs of the debt ceiling battle that we had in 2011. >> so in your view right now, you think that we're past -- potentially past the tax reform question? it's about not the stimulus money but the...
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. >> something on all of our minds is the fiscal cliff. i would be remiss if i did not ask you both to weigh in on it in the following way. first, what is going on that we do not understand? number two, what should happen? number 3, what is the rsc going to do to help us get to that sector state, and what should happen? either of you want to chime in on that? >> first of all, if you look at where we are right now, and because of a number of reasons, a few of them going back to the last debt ceiling bill -- i did not vote for the budget control act, and because it did not address the real problem, and that is spending. if you look at the debate, it is mostly a debate about how much in taxes to raise, and the president keeps moving the goal post. he keeps adding more to it. he has an insatiable appetite to spend money and attack other people for it. we are not talking about addressing the real problem. i do not think anybody's taxes should go up. barack obama said three years ago, if you raise taxes in a bad economy, it will make things wors
. >> something on all of our minds is the fiscal cliff. i would be remiss if i did not ask you both to weigh in on it in the following way. first, what is going on that we do not understand? number two, what should happen? number 3, what is the rsc going to do to help us get to that sector state, and what should happen? either of you want to chime in on that? >> first of all, if you look at where we are right now, and because of a number of reasons, a few of them going back to the...
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going over the fiscal cliff is not good for anyone. it bothers me sometimes if i hear people on both the left and the right entertain this is something that might be good politics. may be good politics for somebody, but it's bad economics for the american economy and more important for people looking for a job and people trying to hold on to a job. >> last question. i want to go back to the premise that you and other republican members of the house would be willing to allow that top tier tax rate to go higher. you know, speaker boehner's argument all this time is that it doesn't effect just those top-earning americans, but it also effects the small business owners in this country. the job creators in this country. >> the speaker's right about that. >> is that valid anymore? >> i'm not willing to -- i don't want to raise those. >> but you're willing to at least talk about it right now? >> they go up automatically. the sun's going to come up in the east tomorrow morning and set in the west. doesn't mean i had a darn thing to do with it c
going over the fiscal cliff is not good for anyone. it bothers me sometimes if i hear people on both the left and the right entertain this is something that might be good politics. may be good politics for somebody, but it's bad economics for the american economy and more important for people looking for a job and people trying to hold on to a job. >> last question. i want to go back to the premise that you and other republican members of the house would be willing to allow that top tier...
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it's unclear the fate of the benefits in the fiscal cliff fight, something that terrifies people like alisia worthen. you've been looking for a job for more than six months. are you more optimistic or less optimistic? >> i believe it's going to turn around. it will probably take a little time but i believe it will. >> you need the government to help now until that happens? >> yes, i definitely do. i have a household to run, still have rent and bills to pay and i need help. i need help. >> millions of people like alecia. she still needs an unemployment check, unclear of the fate of jobless benefits and extension of those in the faiscal cliff fight. conservatives say it's time to end it. >> she has a degree in a field that you would think she would be able to get a job in. accounting. >> she worked for a government agency, she was a child support enforcement office, she worked in child support and all these government jobs keep getting -- so it's budget cuts on one end and budget cuts at the other end. >> thank you. >>> still ahead, is weight an issue when it comes to the white house? h
it's unclear the fate of the benefits in the fiscal cliff fight, something that terrifies people like alisia worthen. you've been looking for a job for more than six months. are you more optimistic or less optimistic? >> i believe it's going to turn around. it will probably take a little time but i believe it will. >> you need the government to help now until that happens? >> yes, i definitely do. i have a household to run, still have rent and bills to pay and i need help. i...
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cliff. dave: an exciting our coming up. we will tell you what drove the markets today with today's data download. of next week on wall street following better than expected november jobs report. the dow and s&p ending prior to eke out weekly gains, the nasdaq closed in the red ending down 1% a lot of that because of what happened to apple. financial and industrial for this week's top performing sectors while materials and technology lad a bit. the u.s. economy added 146,000 jobs in november as the unemployment rate dropped to four year low of 7.7%. today's report may not be as strong as it seemed, reporting employers added 49,000 fewer jobs in september and october than initially estimated. a preliminary reading showing consumer confidence plunging to its lowest level in four months. early december americans prepare for a potentially higher taxes at the beginning of next year. the index dropping 74.5 this month, far below november's reading of 82.7 and economists forecasts of 82.4. >> in the
cliff. dave: an exciting our coming up. we will tell you what drove the markets today with today's data download. of next week on wall street following better than expected november jobs report. the dow and s&p ending prior to eke out weekly gains, the nasdaq closed in the red ending down 1% a lot of that because of what happened to apple. financial and industrial for this week's top performing sectors while materials and technology lad a bit. the u.s. economy added 146,000 jobs in november...
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cliff deal. he joins us exclusively later on "the closing bell." stay tuned. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... i'm with scottrade. >>> one of the most bizarre man hunts in recent memory is coming to an end in central america, we think. wealth editor robert frank has the latest details on the arrest of john mcafee. >> ye
cliff deal. he joins us exclusively later on "the closing bell." stay tuned. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. you won't just find us online, you'll also find us in person, with dedicated...
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frankly the fiscal cliff, josh and i have talked about this, wouldn't cause me to do anything. i don't run my fort folio purely for tax consequences. if something's near your price target and you're a holder, then you want to sell. but truth of the matter is is that it's not going to affect that many people. you're talking about what's not a huge increase in terms of the capital gains on a percentage basis. go from 20% to 25% is not that big of deal if you're looking for 30% upside in a name. >> there are people who are selling stocks based on an expected rise in the capital gains rate. >> it may be a huge mistake. >> why not sell and buy it back? >> because then you're pushing your taxes you're paying forward. those taxes that you're paying, you're losing use of that capital for compounding. that's why you don't do it. if you're in the upper, upper brackets maybe you want to consider it. >> let me push back on sprint. there was news david faber was talking about. this sprint/clearwire deal is closer. that doesn't change -- >> not at all. a distant third in a two horse race. i
frankly the fiscal cliff, josh and i have talked about this, wouldn't cause me to do anything. i don't run my fort folio purely for tax consequences. if something's near your price target and you're a holder, then you want to sell. but truth of the matter is is that it's not going to affect that many people. you're talking about what's not a huge increase in terms of the capital gains on a percentage basis. go from 20% to 25% is not that big of deal if you're looking for 30% upside in a name....
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so look, he can decide, i agree with senator schumer, we're not going to go over the fiscal cliff to use that terminology. something's going to happen before year end. hopefully it's a comprehensive package that solves our nation's problems then later, next year, we deal with tax reforms in a revenue neutral way. what i -- i'll stop. >> chris: hemorrhaginge >> this goes beyond the deal. why should congress give up it's constitutional authority over borrowing? we looked at your record when george w. bush was president. you voted at least three times against increasing the debt limit. why would congress give up that power? >> the bottom line is on debt ceiling, things shifted. i don't agree with bob corker on that issue. it shifted the way it has on taxes. senator mcconnell put on the floor a resolution that said it was his idea, not ours, that let the president raise the debt ceiling. it's money congress has already spent and let congress by two-thirds override it. he thought we democrats would run from that scared as could be. within a half hour we had 51 votes, we called his bluff a
so look, he can decide, i agree with senator schumer, we're not going to go over the fiscal cliff to use that terminology. something's going to happen before year end. hopefully it's a comprehensive package that solves our nation's problems then later, next year, we deal with tax reforms in a revenue neutral way. what i -- i'll stop. >> chris: hemorrhaginge >> this goes beyond the deal. why should congress give up it's constitutional authority over borrowing? we looked at your...
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what is it going to take you know, here on capitol hill to actually get something done to avoid the fiscal cliff. >> and what's going on in those negotiations that we don't know. >> exactly. so we going to talk to the man who may know right? >> the man who's wired in washington. >> exactly. bob woodward knows the white house and he's covering washington for years. he'll be on later this morning. >> announcer: this portion of "cbs this morning" sponsored by international delight coffee creamers. what's your i.d.? who thinks two is better than one? so all of you do. yes, for sure. now what's better? being able to shoot two lasers out of both of your eyes at the same time or just one laser out of one eye? [ all kids ] two! [ moderator ] okay, why? if it's just one beam -- okay, it does a little bit of damage. two beams -- it will make something explode! and that's more fun? yeah! and it's more powerful you're saying? yeah! [ male announcer ] it's not complicated. doing two things at once is better. and only at&t's network lets you talk and surf on your iphone 5. ♪ ♪ online outfit piccolo
what is it going to take you know, here on capitol hill to actually get something done to avoid the fiscal cliff. >> and what's going on in those negotiations that we don't know. >> exactly. so we going to talk to the man who may know right? >> the man who's wired in washington. >> exactly. bob woodward knows the white house and he's covering washington for years. he'll be on later this morning. >> announcer: this portion of "cbs this morning" sponsored...
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fiscal cliff deadline that is permanent here. >> i can't imagine funding being cut. it would be tragic. >> she is worried mandatory budget cuts would hurt food safety inspection. >> he was in the hospital for three weeks. >> she and her babies got poisoning from meat she ate while pregnancy. the cdc says contaminated food sickens 38,000 people a year, 3,000 people die. so the fda are charged with protecting the food supply. an 8.2% budget cut translates to a combined $157 million. >> there's no word exactly what cuts would mean to inspector staffing. >> both the fda and usda-already stretched thin when it comes to inspection activities. they need increased resources, not fewer resources. >> agencies all say they're stretched. >> he is with freedom works and that's the cuts leave nothing to fear. >> arguing that getting spending under control endangers public health and safety is a really irresponsible scare tactic. especially when you realize that these aren't real cuts. these are reductions from anticipated increases in spending. >> cut the budget for the work these
fiscal cliff deadline that is permanent here. >> i can't imagine funding being cut. it would be tragic. >> she is worried mandatory budget cuts would hurt food safety inspection. >> he was in the hospital for three weeks. >> she and her babies got poisoning from meat she ate while pregnancy. the cdc says contaminated food sickens 38,000 people a year, 3,000 people die. so the fda are charged with protecting the food supply. an 8.2% budget cut translates to a combined...
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its controversial tax credit could go over the fiscal cliff. >> when swind placed on the surface of the earth, you can get something like 20 times the amount of power that civilization now uses. >> reporter: ken caldera authored a new study that claims wind is the way. >> the wind you can't power civilization on wind today has to do with economics and engineering. >> reporter: he points for history. >> one of the reasons why fossil fuels are cheap is that they have received large subsidies from the federal government. >> reporter: right now wind power gets a subsidy, too. $1 billion a year from uncle sam. but that could vanish december 31st when the country hits the fiscal cliff. to caldera, that's the short-run risk. in the long run, he sees a clear, if not political pristine, path to more reliance on wind power. >> i think we'll eventually get to the point where we see a need for technologies that can provide energy, essentially forever, with minimal environmental cost. >> a final check on the markets when we return after this. ♪ ♪ ♪ ♪ [ male announcer ] 'tis the season to dis
its controversial tax credit could go over the fiscal cliff. >> when swind placed on the surface of the earth, you can get something like 20 times the amount of power that civilization now uses. >> reporter: ken caldera authored a new study that claims wind is the way. >> the wind you can't power civilization on wind today has to do with economics and engineering. >> reporter: he points for history. >> one of the reasons why fossil fuels are cheap is that they have...